UK-based payment data software developer Fidel has raised $18m in a series A round featuring Citi Ventures and RBC Ventures, investment vehicles for financial services firms Citi and Royal Bank of Canada.
The round was co-led by investment firm QED Investors and venture capital and advisory firm Nyca Partners, while Commerce VC, Elefund, Horizons Ventures, 500 Startups and angel investors including Cris Conde and Taavet Hinrikus also participated.
Fidel offers software development interfaces that securely link payment cards issued by Mastercard, Visa and American Express to third-party software apps so payment data can be used for real-time analysis and customer rewards.
Hans Morris, managing partner at Nyca Partners, will join Fidel’s board of directors along with QED Investors partner Yusuf Ozdalga.
Dev Subrata, Fidel’s founder and CEO, said: “This new funding will help accelerate our ambitious plans for growth. We have already tripled our team since the start of the year, and we are looking to double in size again by the end of the year.
“We are adding a new North American base alongside our current offices in London and Lisbon. And of course, there are lots of exciting product launches and improvements in the pipeline.”